Allied Irish Banks reports first annual loss

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Allied Irish Banks today reported its first full-year net loss in its 44-year history.

Ireland’s biggest bank, which was founded in 1966, posted a net loss of €2.3 billion (£2.1 billion) for the 12 months to December 31, 2009, compared with a profit of €890 million a year earlier. The loss was below analyst expectations of €2.9 billion.

AIB said that its 2009 operating profit before provisions increased slightly from the previous year to almost €3 billion, but that the bank swung into the red after taking provisions mainly on loans to the construction and property sector.